LLP Act

all to launch forensic audit

Special Correspondent

THIRUVANANTHAPURAM: Speakers at a seminar organised by the Thiruvananthapuram chapter of the Institute of Company Secretaries of India here on Monday highlighted the need for a forensic audit system to check corporate frauds. The seminar discussed the impact of corporate frauds in the light of the Satyam scam. The advantages of the Limited Liability Partnership (LLP) system were a major topic of discussion. Several speakers said the LLP concept that had come into effect in India on April 1 through an Act, would fill the gap between business firms such as sole proprietorship and partnership and limited liability companies governed by the Companies Act, 1956.

Principal Secretary, Industries, T. Balakrishnan inaugurated the seminar.

SOURCE